Billionaire investors Warren Buffett and George Soros have both boosted their stakes in General Motors, according to recent regulatory filings.
Warren Buffett’s Berkshire Hathaway increased its holdings in GM during the fourth quarter by 1 million shares to 41 million shares. Soros Fund Management, meanwhile, boosted its GM position during the fourth quarter by 728,938 shares to 4.9 million.
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The moves to raise stakes by these two inflential investors comes as former hedge-fund executive Harry J. Wilson attempts to nominate himself for a seat on GM’s board. If elected, he would propose an $8 billion stock buy-back.
In a recent interview with the Wall Street Journal, Wilson said GM must be “more attentive to its cash balance and its operating performance” and address “shareholder frustration.” However, highly profitable General Motors – with memories of bankruptcy in 2009 still relatively fresh – sees its recent high cash balance position as prudent while also ensuring it has plenty of funding for investment in new product.
However, GM’s low share price has been a disappointment for some investors.
A significant share buy-back would likely see GM’s share price rise considerably.
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